Early trade saw a fall in gold prices, to Rs 55,040; silver rates remained the same.
Gold prices in India continued their downward trend today, with rates falling by Rs 310 per 10 grams in early morning trade. This brings the price of gold in the country down to Rs 55,040 per 10 grams. Meanwhile, silver prices remained unchanged at Rs 65,700 per kg.
The fall in gold prices comes as a relief to many, as the precious metal had been on a steady uptrend over the past few weeks. However, it is still well above the Rs 50,000 per 10 gram mark, which is seen as a psychological barrier by many.
The fall in prices can also be attributed to the strengthening of the US dollar, which is making gold a less attractive investment at the moment. The dollar has been on the rise against a basket of currencies, as investors seek safe haven assets in the wake of the Covid-19 pandemic.
It remains to be seen how long the current trend will last, but for now, it seems that gold prices are headed lower in the near term.
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